Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Sanrith Descartes
Veteran of a thousand threadban wars
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BTC (and the other coins) really are the ideal investment vehicle for the new generation when you think about it. I mean who has the time or inclination to study PE ratios, balance sheets and cash flows. Fuck that. Just buy BTC and head out for some avocado toast and a soy latte. Fundamentals investing is for old people.
Siliconemelons
Avatar of War Slayer
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Anyone still mining?
what is 4 or so T/Hs going to get you now days?
While I had a few set up I was doing effective 1T/Hs and I got 10$ in a week - but it was not a full and consistent week - maybe 4 days?
If 4T/Hs can get me ~ 50$ a week I may buy one or two.
what is 4 or so T/Hs going to get you now days?
While I had a few set up I was doing effective 1T/Hs and I got 10$ in a week - but it was not a full and consistent week - maybe 4 days?
If 4T/Hs can get me ~ 50$ a week I may buy one or two.
AladainAF
Best Rabbit
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My CPA sent me this today.
www.forbes.com
There’s A New Question On Your 1040 As IRS Gets Serious About Cryptocurrency
Days after the Internal Revenue Service (IRS) released two new pieces of guidance for taxpayers who engage in transactions involving virtual currency, the IRS announced another compliance measure: a checkbox on form 1040.
www.forbes.com
AladainAF
Best Rabbit
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Is that true? Sorry for my question, I don't know I don't do starbucks. I just assume something like that is handing them USD in advance, not that you're buying Starbux$ or something. That wouldn't really fit the question here.
My CPA is kinda up in arms about it, because of my second life business, and tracking L$ transactions is difficult, especially when you have 500,000 transactions per month.
Khane
Got something right about marriage
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Yes, you're paying them in USD in advance to load money into their app. But you can't pull the money back out as far as I know. All of those apps are essentially specialized virtual currency in that regard. It's like buying gift cards.
Virtual currencies have been around for a long long time when you sit back and really think about it.
AladainAF
Best Rabbit
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I am pretty sure gift cards vs. virtual currency are completely different though. When you buy a gift card, you're simply pre-loading a secured credit card with USD. I am not sure I'd classify that as any kind of virtual currency where the medium of exchange is not USD. With a gift card, its true that USD isn't simply "trading hands" but USD is still the medium of exchange, because the value of the card is only the amount of USD the card is good for.
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My CPA sent me this today.
There’s A New Question On Your 1040 As IRS Gets Serious About Cryptocurrency
Days after the Internal Revenue Service (IRS) released two new pieces of guidance for taxpayers who engage in transactions involving virtual currency, the IRS announced another compliance measure: a checkbox on form 1040.
View attachment 227630
They need a box for "not into any accounts that I've complied with KYC requirements on"
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Khane
Got something right about marriage
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You cannot take money out of that card and it's only good at whatever store you bought it for (I'm not talking about visa/MC gift cards). It's specialized, virtual currency. So when you take that same principle, put it into an app you scan on your phone, you've arrived at true virtual currency. And a lot of these ICO's were doing just that. Look at TRON
BrutulTM
Good, bad, I'm the guy with the gun.
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It's not virtual currency. It's US dollars. The fact that you have committed to spend it in a specific store doesn't change what it is.
Gift cards are the dumbest shit ever. Like giving someone cash but not as good. I still get them sometimes though.
Gift cards are the dumbest shit ever. Like giving someone cash but not as good. I still get them sometimes though.
AladainAF
Best Rabbit
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For tax purposes, the IRS has very strictly defined what a virtual currency is. In a completely, 100% literal sense, yes, a gift card is "virtual currency". The money in your bank account is too. Along with your virtual stocks in your virtual brokerage account, along with your virtual retirement.
Frequently Asked Questions on Virtual Currency Transactions | Internal Revenue Service
Frequently asked questions and answers about Virtual Currency transactions.
IRS said:
Khane
Got something right about marriage
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I'm not arguing what the IRS defines as a virtual currency. I'm pointing out a fundamentally bullshit difference between what we as tax payers are beholden to pay taxes on vs what corporations can get away with literally creating their own.
What you linked proves my point. Bank accounts, as you tried to state, are not virtual currency. Those have actual USD value. Same goes for stocks or other investment holdings. There is nothing "virtual" about any of those.
Basically I was being cheeky about what qualifies as virtual currency in the eyes of the US government. I wasnt trying to tell you not to pay your taxes.
What you linked proves my point. Bank accounts, as you tried to state, are not virtual currency. Those have actual USD value. Same goes for stocks or other investment holdings. There is nothing "virtual" about any of those.
Basically I was being cheeky about what qualifies as virtual currency in the eyes of the US government. I wasnt trying to tell you not to pay your taxes.
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Arative
Vyemm Raider
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I got 4 bitcoins, just biding my time waiting to sell. Curious to see what it will do with taxes when I do sell, since I mined these back in the day and held on to them. I assume it just be long term capital gains tax on them but I'm not that clear on the actual tax laws regarding them and its likely to change by the time I do sell them.
Arative
Vyemm Raider
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I did sell one but I figured it will eventually go higher and by the time I got to move the coins from my personal wallet to an exchange, the bubble had already popped and the price was on the way down. The way the mining pool worked is they paid out for each block, so I had a ton of small inputs, so it was going to cost a lot to in transaction fees to move all that to an exchange and I was being cheap and trying to go for a low a cost as I could.